#1
Which of the following is NOT a determinant of demand?
Consumer preferences
Prices of related goods
Technology used in production
Consumer income
#2
Which of the following is a determinant of supply?
Tastes and preferences
Prices of related goods
Cost of inputs
Consumer income
#3
Which of the following is a shift factor of the demand curve?
Change in the price of the good
Change in the cost of production
Change in consumer preferences
Change in the number of producers
#4
Which of the following statements best describes the law of demand?
As price increases, demand decreases
As price increases, demand increases
As price decreases, demand decreases
As price decreases, demand increases
#5
Which of the following is a determinant of demand?
Price expectations
Production costs
Government regulations
Technological advancements
#6
Which of the following would cause an increase in the demand for a good?
A decrease in the price of a substitute good
An increase in the price of a complementary good
A decrease in consumer income for a normal good
An increase in consumer preferences for the good
#7
If the supply of a good decreases while the demand remains constant, what will happen to the equilibrium price and quantity?
Equilibrium price will decrease, equilibrium quantity will increase
Equilibrium price will decrease, equilibrium quantity will decrease
Equilibrium price will increase, equilibrium quantity will decrease
Equilibrium price will increase, equilibrium quantity will remain constant
#8
If the price of a good decreases and the quantity demanded decreases, what type of goods are they likely?
Normal goods
Inferior goods
Luxury goods
Complementary goods
#9
Which of the following is likely to lead to a decrease in the equilibrium price of oranges?
A decrease in the price of apple, a substitute for oranges
An increase in the price of orange juice, a complement to oranges
An increase in consumer income
A decrease in the cost of producing oranges
#10
If the price of butter increases, and as a result, the demand for margarine increases, what type of goods are butter and margarine?
Normal goods
Inferior goods
Luxury goods
Complementary goods
#11
When a technological breakthrough reduces the cost of production, what happens in the market?
Supply decreases, demand increases
Supply increases, demand decreases
Supply increases, demand increases
Supply decreases, demand decreases
#12
If both demand and supply increase simultaneously but the increase in supply is relatively greater, what would happen to the equilibrium price and quantity?
Equilibrium price and quantity will both increase
Equilibrium price will decrease, equilibrium quantity will increase
Equilibrium price will increase, equilibrium quantity will decrease
Equilibrium price will decrease, equilibrium quantity will remain constant
#13
In a market characterized by perfect competition, how does an increase in consumer demand for a product affect the market price and quantity supplied?
Price increases, quantity supplied remains constant
Price remains constant, quantity supplied increases
Price decreases, quantity supplied decreases
Price increases, quantity supplied increases
#14
What happens to the equilibrium price and quantity if demand increases and supply decreases?
Equilibrium price increases, equilibrium quantity decreases
Equilibrium price decreases, equilibrium quantity increases
Equilibrium price decreases, equilibrium quantity decreases
Equilibrium price increases, equilibrium quantity increases
#15
What happens to equilibrium price and quantity if demand decreases and supply increases?
Equilibrium price increases, equilibrium quantity decreases
Equilibrium price decreases, equilibrium quantity increases
Equilibrium price increases, equilibrium quantity increases
Equilibrium price decreases, equilibrium quantity decreases